Boston, MA -- (SBWIRE) -- 03/05/2014 -- Nigeria's construction industry has performed above expectations over 2013 which factors in our decision to upgrade our forecasts for real growth in 2014 - now standing at 13% year-on-year. The country is Africa's second largest economy, and with a growing middle class wanting better housing, shopping, power supply and transport links; we envisage demand for infrastructure increasing over our 10-year forecast period to 2013. There has been a chronic lack of investment in the country's transport and power sectors; however, reforms and development plans implemented under President Goodluck Jonathan are beginning to take effect, with the sell-off the state-run Power Holding Company of Nigeria virtually complete and mortgage initiatives beginning to work on improving access to finance. Thus, in line with our forecasts, Nigeria continues to see strong growth within its construction sector, and forecast annual average real growth of 10.3% between 2015 and 2023. We note risks remain high and political turmoil within the governing party threatens investor confidence over the medium term. We also continue to highlight the persistent risks hampering the implementation of major projects, ranging from deep-rooted corruption and violence perpetrated by militants to inefficient bureaucracy.
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